For Sale Sears, Roebuck and Co. Building Asset 12,397 SF Distribution Warehouse

Transcription

1 For Sale Sears, Roebuck and Co. Building Asset 12,397 SF Distribution Warehouse San Luis Obispo, California office BRE Lic. #

2 Prime Development/Reuse Opportunity Former San Luis Obispo Sears distribution warehouse, in the San Luis Obispo Railroad District. Ready for reuse or site redevelopment, in an area undergoing transformation. 12,397 square foot warehouse with dock, grade level roll-up door and fenced yard. Site is zoned Commercial Retail, and allows the highest development density in town, on a 28,460 square foot site. A rare opportunity for an infill site located near Downtown with multiple options. Perfect for an owner/user, investor or developer alike. * All parties are aware that the property is being sold in As-Is, Where Is condition without warranty or representation of any kind by Owner. ** Seller will not agree to any finance contingencies to the sale.

3 San Luis Obispo 1310 Roundhouse Street San Luis Obispo, CA Price: Subject to Offer End of cul-de-sac, Roundhouse Avenue, off Santa Barbara Street Building size 12,397 +/- s.f. (9,982 s.f. footprint) (2,415 s.f. mezzanine) Site size 28,460 +/- s.f. (per Assessor records) Built estimated late 60 s/early 70 s APN Zoning CR Commercial Retail Fenced Yard Area Lease: Delivered vacant Build-Out: Metal shell warehouse with 2,415 s.f. storage mezzanine with showroom area below ceiling heights (bottom of truss) No fire sprinklers Information contained herein has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it. Buyer to confirm any and all data.

4 Strengths The property is located in an area undergoing urban revitalization and redevelopment of neighboring properties. Located in a highly constrained industrial/warehouse market with very little industrial product coming to market, due to lack of commercial land and high construction costs. There are very few industrial/warehouse building this close to the Downtown area, that include large yards like the Subject. Vintage area metal shell building lends itself to adaptive reuse into many uses including retail/showroom and industrial/warehouse, storage uses to name a few. San Luis Obispo, recently named the Happiest City in America, is located halfway between Los Angeles and San Francisco on historic Highway 1. A tourist destination, San Luis Obispo enjoys year-round sun, a warm Mediterranean marine climate, a world-class wine region (Edna Valley) and an award winning Downtown, all within a few miles of the ocean. A vibrant college town, San Luis Obispo is home to California Polytechnic University (Cal-Poly) with 20,000 +/- students and has one of the highest rates of college educated residents in the state. * The above Strengths are Broker s opinion.

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9 Location DOWNTOWN SLO SUBJECT

10 Location * Shaded boundary area is approximate. Buyer to verify all data.

11 * Shaded boundary area is approximate. Buyer to verify all data. Information contained herein has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

12 San Luis Obispo Market Overview Job growth in San Luis Obispo has traditionally outpaced that of the nation, as tourism and higher education provide the San Luis Obispo metro area with an economic safety net. Over the past four years, the metro job count has improved by 11.4% versus 6.8 % nationally. San Luis Obispo s concentrated leisure and hospitality industry, a segment that tends to outperform the overall economy during periods of expansion, and the desire of companies to locate in the area are the primary drivers of this job growth. Additionally, San Luis Obispo is a strong driver in higher education with Cal Poly San Luis Obispo. The university and its 20,000 students represent a steady source of growth, as well as a stabilizer during economic downturns. These pillars should keep San Luis Obispo on an upward trajectory over the forecast. The vacancy rate for industrial product has decreased to 1.6%*, down from 2.3% in Scant available manufacturing inventory is approximately 40,500 sq. ft. with the total base of industrial inventory at approximately 3,870,000 sq. ft. Finding industrial space is difficult as available inventory has all but disappeared. Quoted industrial rents, if you can find spaces, are approximately $0.90 to $1.25 per sq. ft., NNN. * From San Luis Obispo County 2016 Economic Forecast

13 Downtown San Francisco San Luis Obispo Los Angeles SUBJECT SUBJECT Demographics 1-Mile 5-Mile 7-Mile 2010 Census Households 1,416 20,885 23, Est. Households 1,472 21,583 24, Proj. Households 1,535 22,471 25, Est. Avg. HH Income $71,261 $76,283 $77,711